Record imports push US trade gap to $55.5 billion in October

Record imports in October drove the US trade deficit to the highest level in a decade.The Commerce Department said that the gap between what the United States sells and what it buys from foreign countries rose to $55.5 billion (£43.5 billion) in October, the fifth straight increase and the highest since October 2008.The politically sensitive deficit in the trade of goods with China rose 7.1% to a record $43.1 billion (£3.8 billion).The goods gap with the European Union widened 65.5% to a record $17.6 billion (£13.8 billion).Led by shipments of medicine and cars, overall imports rose 0.2% to a record $266.5 billion (£208.9 billion). Exports fell 0.1% to $211 billion (£165.4 billion).President Donald Trump campaigned on a pledge to slash America’s trade deficit.But the deficit this year is running 11.4% above January-October 2017.– Press Association
Source: Business News